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Author Topic: Israeli PM: Bitcoin Could Replace Banks  (Read 219 times)
bitbunnny
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December 19, 2017, 11:20:33 AM
 #41

I don't think Bitcoin has the power to replace the banks. Banks will survive but because of influence of Bitcoin and other cryptocurrencies they will have to change and modernise their business.
Maybe some traditional bank branches will disappear and will be replaced by online or something but bank as institution will not disappear. At least not in our lifetime. Too much money, regulation and politics are standing behind them and watching their back.

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December 19, 2017, 12:34:20 PM
 #42

It is nice that a world leader is aware of what's happening in today's currency now implemented by technology through blockchain. I doubt if he means to compliment bitcoin because people are upgrading now and they apply modernization in currencies, or worried for the banks that might get replaced by cryptocurrencies in the future. I agree to him that there's a chance that cryptocurrency will take over banks but I think it is in the far future. Many countries still don't regulate bitcoins in their central banks. So through Prime Minister's statements, governments will try to enter and talk about this issues.

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December 19, 2017, 02:54:27 PM
 #43

This seriously looks too optimistic of a statement, but as the PM said, it's actually conquering over those traditional banking systems that have gone completely outdated and the Blockchain technology is taking over the world with Bitcoins as a mode of payment that challenged every other financing ways. It will take a bit longer, but if everything goes according to plans and no crashes take place to make it look like a pump-dump scheme, then I think that the stable Bitcoin will surely replace Banks one day soon.


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December 19, 2017, 04:38:13 PM
 #44

Well, I don't think that is true. No, not because the PM of Israel isn't an expert on cryptocurrency. But because nothing is ever going to replace the banking system. We will always need them. Bitcoin is a complex phenomenal that is mostly understood by the upward mobile youth and tech guys. Banks are understood and used by both the old and the young.

However, what happens is this. Bitcoin will do to banks what e-mail did to the postal agency. Simple! It will diminish its strength.
Well it is not just about replacing banks and making new systems. Bitcoin is having high potential than banks because now if you will keep all your money in bank it will not give you very high profit and will not save amount of money for you but if you will put your money in bitcoin you will see how fast your money will grow and you will get benefit. Now bitcoin is being trust by people more than bitcoin and it is because of safe and long time investment.

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December 19, 2017, 05:12:21 PM
 #45

Bitcoin won't die that is for sure now. But I think in the next following years it will coexist with banks and that banks might become something else. Perhaps they will be the mining cooperation's of the future. Bitcoin will not replace banks  and I to think Israel is already invest in crypto currencies. Many countries will follow soon, 2018 is going to be an interesting year.
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December 19, 2017, 05:19:56 PM
 #46

If the pm of a nation is giving a statement like this then you can understand that there is something fishy over there, Either his bold statement would point in the direction that they are serious about bitcoin. But i think they are expecting bitcoin and other cryptos as bubble just like other people, but they cannot close the banks but yes they can use bitcoin in align with them.

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December 19, 2017, 07:47:29 PM
 #47

Nice to hear this wonderful truth coming out from the mouth of the master and leader of a country! I keep on saying that bitcoin is our reality and we have to stand with thus fact. Bank system of handling financial transactions is becoming obsolete and actually bitcoin is gaining the trust of the populace and many people from all over the world like this system. May God bless this Israeli pm to show us our reality!

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December 19, 2017, 08:43:10 PM
 #48

I think this is the first time a PM makes such a statement.

https://cointelegraph.com/news/israeli-pm-bitcoin-could-replace-banks

In a video published on Tuesday, Israeli Prime Minister (PM) Benjamin Netanyahu claimed that the operation of traditional banks will eventually become obsolete and could be replaced by Bitcoin. He based his claim on the trustless nature of Blockchain technology and on Bitcoin’s continuous, notable growth this year.

In the video, Netanyahu stated confidently that banks will eventually become outmoded and be replaced, though when and by what exactly remains to be seen:

“Is the fate of banks that they will eventually disappear? Yes. The answer is yes. Does it need to happen tomorrow? And do we need to do it through Bitcoin? That’s a question mark.”

...
“The truth behind what I just said is what’s propelling Bitcoin upwards.”

However, the prime minister also expressed doubt in the ability of Bitcoin to continue growing at such an astonishing rate, stating:

“There’s nothing like this, that will continue rising at this rate, it can’t happen.”

I’ve tried to watch the video to see if the article is interpreting well Netanyahu’s statements, but it seems it is in Hebrew and I can’t understand anything.

We have seen people of this forum saying that thanks to bitcoin, banks won’t be needed any more, but I don’t remember an important politician making statements like that.

What do you think about?

Well, that is only a speculation and he did not state he is going to do something to make it happen today or in his time. He stated that it disappearance of banks could happen so he is just speculating but there is no real and tangible basis for this to happen at the moment. Everyone is free to speculate. Maybe Netanyahu is also a bitcoin holder so he is speculating on what would it be like in the future.

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December 19, 2017, 09:21:07 PM
 #49

I think this is the first time a PM makes such a statement.

https://cointelegraph.com/news/israeli-pm-bitcoin-could-replace-banks

In a video published on Tuesday, Israeli Prime Minister (PM) Benjamin Netanyahu claimed that the operation of traditional banks will eventually become obsolete and could be replaced by Bitcoin. He based his claim on the trustless nature of Blockchain technology and on Bitcoin’s continuous, notable growth this year.

In the video, Netanyahu stated confidently that banks will eventually become outmoded and be replaced, though when and by what exactly remains to be seen:

“Is the fate of banks that they will eventually disappear? Yes. The answer is yes. Does it need to happen tomorrow? And do we need to do it through Bitcoin? That’s a question mark.”

...
“The truth behind what I just said is what’s propelling Bitcoin upwards.”

However, the prime minister also expressed doubt in the ability of Bitcoin to continue growing at such an astonishing rate, stating:

“There’s nothing like this, that will continue rising at this rate, it can’t happen.”

I’ve tried to watch the video to see if the article is interpreting well Netanyahu’s statements, but it seems it is in Hebrew and I can’t understand anything.

We have seen people of this forum saying that thanks to bitcoin, banks won’t be needed any more, but I don’t remember an important politician making statements like that.

What do you think about?

At some point it is impossible to avoid evolution, the same goes with banks, if they don't adapt then they will vanish like dinosaurs.

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HasHe
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December 19, 2017, 11:40:34 PM
Last edit: December 25, 2017, 10:26:47 AM by HasHe
 #50

Atleast some one has admitted the truth in the international media.Whether the bankers accept or not,its the truth.But bitcoin will not totally replace banks,but would make their position less important in the society.That's why,we could see bankers treating bitcoin as their main rival and the rival has started its count down against traditional banks.Banks have lending services which bitcoin could not provide.Bitcoin could only act as a high return giving digital asset and provide a means to facilitate transactions at lower price.But lending service would only remain with banks.
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December 20, 2017, 02:54:23 AM
 #51

Is just a way of developing or enhance the old practices into a new one which can give us a better one. Maybe we should accept the reality that old practices will come to end. Considering that digital currencies will soon to be globally accepted and it could be used either local or online transaction. It's time to put our self in welcoming a new concept of currencies.

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December 20, 2017, 08:21:17 AM
 #52

Crypto currencies opens up a lot of opportunities in our economic status one of this is the idea that bitcoin can possibly eliminates the need of banks since it is not control or regulated by any government agencies and it is only found in the system there's no need to have a bank holding them, the online wallets are consider to be a bank own and control by the people this idea is really a threaten to banking institution that's why at some point they are not in favor of legalization of bitcoin and its full adaptation in the market.

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December 20, 2017, 09:26:59 AM
 #53

balon haber. yani sadece bitcoin hakkında söylemiş olmak için yapılan bir açıklama. israil başkanı zaten amerikan güdümlü siyaset izliyor. finansal politikaları da o yönde. o yüzden samimi ve gerçek bulmuyorum. bu açıklama ciddiye alınacak türde değil.
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December 21, 2017, 04:47:06 AM
 #54

The concept of distributed ledger could replace current banks for what payment processor goes. Banks do other things than that, so they would still stick around.

They will stick around too I believe but I think their role in the future will be more limited and not involve our everyday lives as much as they do now. You see people pay bills at the bank, have mortgages through the bank, and all other type of investments. I think they will purely become an investment tool in the future and nobody will really have much funds there other than to invest because I think that is all they will be good for.

I have not thought of that in that way, but it makes sense. Bitcoin would not totally eradicate banks, but would just limit what it does. Or maybe, it would persist, so both bitcoin and banks would coexist giving diversity and more options to people.

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December 21, 2017, 05:30:59 AM
 #55

If bitcoin keeps working by the same way as it is now.. i can not be replacing banks, not in the actual conditions.
$40 for sending a simple transaction? Hmmm, i dont think that it is going to work.
12 hours for receiving just the money in the blockchain? I dont think that it will work in a near future.

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March 10, 2018, 03:02:27 PM
 #56

Crytpo currency is a niche that  has come to be be in the world.I  see it
that decentralized digital money will do to banks what email systems
as yahoo, gmail and all did to the postal offices in different countries.
Banks may soon become obsolete in the scheme of world financial system
considering that bitcoin and other crypto currencies are doing impacting
transaction in the global space.More to this, the California stock market has
enlisted bitcoin in its stock charter.

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March 10, 2018, 03:46:51 PM
 #57

Bitcoin might replace the payment processing part of banks. But I doubt it will replace the lending side. And lets face it, most of what banks do is lend money (business loans, mortgages, car loans etc). The economy would collapse if lending disappeared.

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March 10, 2018, 04:09:18 PM
 #58

Im not entirely sure if it's possible to completely replace banks. Banks are responsible for inflation -- that's bad but it's also necessary in our capitalist world. There's a reason why we abandoned the gold standard-- it's just not compatible with capitalism. But in the long run, capitalism isnt sustainable. It assumes we could just continue to grow and grow. We only have limited resources so there will come a time when it's just impossible to grow. Maybe im just using the wrong paradigm because i cant imagine an alternative to capitalism but maybe crypto is part of the solution!

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March 10, 2018, 04:14:58 PM
 #59

Bitcoin can replace banks but there is no way governments are going to let that happen. Governments would never let something on which they have no control to replace banks.
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March 10, 2018, 04:20:26 PM
 #60

I trust the opinion of the Jews in the financial sector. The world banking system is their work. They always have an inner flair. Cryptocurrencies can really bury the existing banking system. She dies because of that became very heavily regulated. People don't want to worry about their savings all the time. I am very afraid that the community will accept the legalization of bitcoin. We may end up with the same result.
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